The Return Of The Geo Metro – Save Gas Money
With gas prices hitting new highs everyday it’s not surprising that motorists are shopping for more fuel efficient vehicles. The fuel situation combined with the weak economy has even boosted demand for some cars that are no longer in production. For drivers hurt by these high gas prices the answer to gas savings may just be the return of the Geo Metro.
The small sedan discontinued in 2001 has nearly tripled in price on usedcar lots and on eBay in the past few months pushed upward by customers who yearn for 40plus milepergallon fuel efficiency. Many car dealers say the demand for the model far outstrips supply an observation in line with national statistics that show compact cars are the top sellers in an otherwise sluggish market for used vehicles. The heightened demand extends to nearly all small cars including the Honda Civic and Ford Focus.
The Metro was introduced in 1989 and sold until 1997 under the Geo name and then from 1998 to 2001 it was sold as the Chevrolet Metro.
Kelley Blue Book a provider of vehiclepricing data said in its current edition that a 1990 Metro was worth 1175. The company’s Web site provides updated information and says the model is now selling for 3000. Robyn Eckard director of public relations for Kelley Blue Book said that the increase is one of the most dramatic shifts of any model. Other gassipping cars have risen in value but not nearly as much.
Fortunately for bargain hunters Geo Metros aren’t scarce. GM sold more than 700000 from 1989 to 1998. At various times body styles included a Geo Metro sedan a hatchback and even a little twodoor convertible. BuyGeoMetro.com online auction recently listed 57 Geo Metros nationwide ranging in price from 500 to as high as 7000 and AutoTrader.com had another 51 listings.
National statistics highlight his point. J.D. Power and Associates has found that the smallest used cars had the fastestgrowing prices in March and April of 2008. The category known as compact basic which includes the Metro and Toyota Yaris among others had an average price of 10039 up 7.3 percent from the same period the year before.
The other top categories also were geared toward fuel efficiency while the categories with the worst price performances were pickups and large sports utility vehicles. Overall usedcar prices dropped a half percent with an average price of 16609.
Tom Libby senior director of industry analysis for J.D. Power said usedcar prices are a great barometer of the overall auto market because car dealers have broad authority to set prices while newcar inventories and prices often are out of local dealers’ hands. And right now the barometer says fuel economy is by far the top consideration a factor that just happens to be the chief virtue of the Geo Metro.
Libby said the surge in the Metro’s value “makes perfect sense.”
“It’s a highly fuelefficient vehicle and there probably aren’t that many around. In today’s environment it’s very valuable” he said.
About the writer: Mike Martin is just trying to save some money on gas and the geo metro might be the answer. http://www.buygeometro.com/ Buy a Geo Metro and save on gas costs.
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